Lorna loves sweaters! She has drawers filled with them, and continues to buy them. But she's sort of strange in this one respect: she buys more when price rises. It is strange because her behavior violates the law of
a. the ratio of marginal utility to price
b. the ratio of price to marginal utility
c. demand
d. diminishing marginal utility
e. increasing marginal utility
C
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The Fair Labor Standards Act originally set the minimum wage at
A) $3.00 in 1960. B) $0.25 in 1938. C) $1.25 in 1938. D) $0.25 in 1983. E) $1.25 in 1983.
Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false
What are the major arguments in the case for income inequality?
What will be an ideal response?
When speed boat sales rise, the city of Las Vegas takes in more revenue. The omitted common variable between these outcomes is likely to be:
A. childhood obesity. B. prices of Las Vegas flights. C. increased disposable income. D. life jacket sales.